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Nigeria's Debt Profile Rises By 12.25%, Plans To Issue 30Yr Tenure FG Bond

The Director General, Debt Management Office (DMO), Mrs Patience Oniha has revealed that Nigeria's debt profile rises by 12.25 percent, from N21.72 trillion in 2017 to N24.37 trillion ($79.437 billion) in December 2018, attributed to budget deficit financing and issuance of promissory note.

 

The DMO DG who made this known at a press conference in Abuja Thursday, disclosed that the Federal Government's debts accounted for 78 per cent of the figure, while states and the FCT accounted for 22per cent, a combination of both domestic and external loans.

 

Speaking on the plans for the year, Oniha said the federal government plans to undertake more of project-tied borrowing and access more external borrowing from concessional sources adding that there are plans to issue 30-year Federal Government bonds for the first time.

 

Our Correspondent, Raliat Adenekan reports that she reiterated that the Federal Government would borrow N1.6trillion to finance budget deficit as contained in the 2019 budget proposal pending at the National Assembly.

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